Preparing to Retire - Supplemental Retirement Accounts

Timing is important. Confirm with your department or HR Connection when you will receive your sick and vacation leave payouts and refer to the SRA Contribution Start Date Calendars to determine when to submit your election so it aligns appropriately.

NOTE: Retirements completed before day one of payroll processing (typically the last day to submit in the calendar above) will have payout(s). Submitting an election too early will result in the additional contribution being withheld from an earlier paycheck.

Determine the dollar amount you would like to contribute to your 403(b) and/or 457(b) account. All eligible salary and sick/vacation payouts may be applied to your SRA contribution, up to IRS limits.

NOTE: You can elect a portion of your leave payout if you don’t want to contribute the full amount. However, it must be elected as a dollar amount, not a percentage or number of work hours.

Submit your SRA elections via Fidelity’s NetBenefits website. For assistance on how to submit your election, refer to the NetBenefits User Guide. If you wish to enroll or update your 457(b) contribution amount at Ohio Deferred Compensation (ODC), visit ohio457.org.

Note: Your election will be processed even if your payouts are not on your last regular  paycheck. If your election exceeds the amount of your paycheck, you will contribute the maximum possible up to your elected amount, possibly resulting in a zero paycheck.